Intercontinental Exchange (ICE) canola futures continued higher from overnight gains Wednesday morning, with contracts at or near new highs.

Support came from Chicago soyoil, European rapeseed and Malaysian palm oil. Tight canola supplies, a lackluster harvest and price rationing also bolstered canola prices.

Global crude oil prices were slightly lower, which weighed on biofuel values and in effect those for edible oils.

Canadian Pacific Railway reopened its line to Vancouver yesterday and Canadian National Railway announced it will resume limited service to Canada's busiest port today. However, southern British Columbia is forecast to receive up to 80 millimetres of rain starting today. In the meantime, CN has continued its service to Prince Rupert.

The Canadian dollar was a pinch higher this morning, with the loonie at 78.77 U.S. cents compared to Tuesday's close of 78.70.

About 4,300 canola contracts had traded as of 9:37 ET.

Prices in Canadian dollars per metric tonne at 9:37 ET:

Price Change

Canola 


Jan 1,030.50 up 5.80 
Mar 1,003.80 up 6.40 
May 968.00 up 5.90 
Jul 927.00 up 6.90

(END) Dow Jones Newswires

11-24-21 1003ET